United States - Institutional
Global Frontiers
Coronation is a long-term, valuation-driven investment house. Our investment philosophy is deeply engrained in our culture and we apply exactly the same research process when investing in frontier markets as we have done in South Africa for the past 20 years. Our experience in an emerging market has provided us with an excellent training ground for disciplined bottom-up investing in highly volatile macro-economic environments.
We are active, bottom-up stock pickers with a disciplined approach to constructing portfolios based on our assessment of company fair values. We do all our own proprietary research and modelling.
We believe frontier markets represents the next untapped investment opportunity. These markets offer a wide variety of economies and an increasingly attractive economic diversifier for global portfolios.
Our global frontier strategies provide investors access to these opportunities. The investment universe consists of a diverse range of markets including but not limited to 21 African exchanges with more than 1 600 securities, four Asian markets, five Middle Eastern markets, as well as European and American markets. Through our rigorous research process we filter down these opportunities in terms of size, liquidity and foreign holding restrictions.
The portfolios are managed on a clean-slate basis. As such, we do not use indices as a starting point for building a strategy, preferring to rely on valuation discipline and diversification. Our emphasis is on stock selection rather than top-down geographic allocation or macro themes. We are comfortable taking decisive positions away from the benchmark, as these positions are underpinned by convictions derived from our proprietary analysis. Our global frontier strategies typically hold between 40 and 80 securities, with most of the portfolio heavily concentrated in our ten highest conviction views.
The global frontier investment team forms part of the integrated Coronation investment team, which also comprises the South African, emerging markets and global investment teams. The entire investment team, situated in Coronation’s Cape Town office, operates as an integrated unit, with significant sharing and cross-pollination of investment ideas to create a single research platform. This allows the global frontier team to leverage off the experience and work done by the other investment professionals in the company.
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Frontier Markets
Our approach to investing in Frontier markets is long-term and valuation driven. We afford a high premium rating to good businesses and walk away from businesses where it is almost impossible to determine whether they are investible.
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